Biggest Price Declines on Homes For Sale in Richmond


Blog by Arnold Shuchat | May 10th, 2013


This last 7 days, there were 76 price changes in Richmond of which all but 3 were price reductions. The average price reduction was $29,531 or 4%. Apartments fell on average by 4% while SFD and townhouses fell by 3% on average.
Over the week there were 200 new listings of which 36 were townhouses, 78 were houses,4 were duplexes, 79 were apartments and 1 was a 4plex.  The absorption rate or ratio of sales to new listings was 72% for townhouses, 41% for houses, 39% for apartments. 

Here are the top price drops over the last 7 days equal to or in excess of 5%:

Address LP Prev LP Change % Change BR Dwell Yr Blt
# 111 7500 MINORU BV 168,000 189,000 21,000 11 1 APTU 1987
# 1402 7760 GRANVILLE AV 650,000 718,888 68,888 10 3 APTU 1998
10211 NO 5 RD RD 1,000,000 1,100,000 100,000 9 4 HOUSE 1971
10231 NO 5 RD RD 1,000,000 1,100,000 100,000 9 4 HOUSE 1971
# 212 8020 RYAN RD 134,800 148,000 13,200 9 2 APTU 1974
6600 RIVERDALE DR 2,180,000 2,360,000 180,000 8 4 HOUSE 2012
# 705 8248 LANSDOWNE RD 399,900 428,000 28,100 7 2 APTU 1995
6931 DUNSANY PL 1,018,800 1,090,000 71,200 7 4 HOUSE 1976
# 303 7251 MINORU BV 438,800 468,800 30,000 6 2 APTU 1988
# 9 7840 GARDEN CITY RD 599,000 639,800 40,800 6 4 TWNHS 2010
# 8 5580 MONCTON ST 749,888 799,888 50,000 6 4 TWNHS 2011
6333 MARTYNIUK PL 1,390,000 1,480,000 90,000 6 4 HOUSE 2009
5728 VERMILYEA CT 1,558,000 1,658,000 100,000 6 4 HOUSE 2003
# 405 8460 GRANVILLE AV 448,000 475,000 27,000 6 2 APTU 2003
# 109 8480 GRANVILLE AV 473,000 499,000 26,000 5 2 APTU 2005
8820 DORVAL RD 1,080,000 1,138,000 58,000 5 3 HOUSE 1976
# 1802 9188 HEMLOCK DR 758,000 798,000 40,000 5 2 APTU 2006
# 504 6119 COONEY RD 255,000 268,000 13,000 5 1 APTU 1996
# 109 9566 TOMICKI AV 579,900 609,000 29,100 5 3 TWNHS 2011
6311 COMSTOCK RD 1,600,000 1,680,000 80,000 5 5 HOUSE 1995


It's not enough to ask "How is the market?"  You should ask, "How is the market for the specific property type that you are looking for in the selling area of interest."

If you or any of your friends are thinking of buying or selling a property, please
email me at: ashuchat@shuchatgroup.com or call me at: 778-227-7325 to discuss
a detailed purchasing or marketing plan which could help save thousands of dollars.